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Fundamental Analysis
SP500 logs fourth straight loss after Trump announces new China tariffs
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[QUOTE="IFC Markets, post: 167774, member: 18359"] [SIZE=5][B]Dollar weakens as manufacturing slows[/B][/SIZE] [B]US stock indexes [/B] relinquished early gains on Thursday after President Trump tweeted US will impose a 10% tariff on $300 billion of Chinese imports from September 1. The [I] S&P 500 [/I] lost 0.9% to 2953.56. The [I] Dow Jones [/I] industrial average fell 1.1% to 26583.42. Nasdaq composite index slid 0.8% to 8111.12. The dollar weakening resumed as manufacturing indexes of both ISM and Markit indicated manufacturing expansion slowed in July: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, fell 0.2% to 98.38 and is lower currently. Stock index futures point to lower market openings today [SIZE=5][B]CAC 40 leads European indexes advance[/B][/SIZE] [B] European stocks [/B] extended gains on Thursday on back of strong quarterly results. [I] EUR/USD[/I] turned higher while [I] GBP/USD [/I] accelerated its decline yesterday as the Bank of England (BOE) held interest rates steady at 0.75%. Both pairs move in previous session’s directions currently. The Stoxx Europe 600 index ended 0.4% higher. Germany’s DAX 30 gained 0.5% to 12253.15. France’s [I] CAC 40 [/I] rose 0.7% while UK’s [I] FTSE 100 [/I] slipped 0.03% to 7584.87 as BOE cut its growth forecast to 1.3% for 2019 and 2020, down from 1.5% and 1.6% respectively. [SIZE=5][B]Hang Seng leads Asian indexes losses[/B][/SIZE] [B]Asian stock indices[/B] are sharply lower today as President Trump tweeted about 10% tariffs to take effect September 1 on an additional $300 billion of Chinese imports after US negotiators briefed him of the recent trade meeting in Beijing. [I] Nikkei [/I] fell 2.1% to 21087.16 as yen slowed its slide against the dollar. Chinese shares are tumbling as Chinese officials expressed their disagreement saying additional tariffs is not a constructive way to resolve economic and trade frictions: the [I] Shanghai Composite Index [/I] is down 1.4% and Hong Kong’s [I] Hang Seng Index [/I] is 2.4% lower. Australia’s All Ordinaries Index slid 0.3% as Australian dollar resumed its climb against the greenback. [IMG]https://ifccd.net/uploads/image/HK50_02August2019.jpg[/IMG] [SIZE=5][B]Brent rising[/B][/SIZE] [B]Brent futures prices [/B] are recovering today. Prices sank yesterday: October Brent crude lost 7% to $60.50 a barrel on Thursday. [/QUOTE]
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